NLVHA.com

First-Time Homebuyer Help in Nevada and North Las Vegas

Independent information site. NLVHA.com is not affiliated with the Southern Nevada Regional Housing Authority (SNRHA), HUD or the City of North Las Vegas. The former Housing Authority of the City of North Las Vegas became part of SNRHA in 2010. For applications and official information visit snvrha.org.

Moving from renting to owning is a big step, and in Southern Nevada the down payment is usually the hardest part. Several kinds of help exist. Program rules and limits change often, so use this page as a map and confirm current details with the program and a lender.

State down payment assistance

The Nevada Housing Division runs homebuyer programs (marketed as “Home Is Possible”) that combine a mortgage with down payment assistance, sometimes as a grant and sometimes as a second loan. Programs typically have limits on household income and purchase price, a minimum credit score, and require a homebuyer education course. Some versions add benefits for veterans and teachers.

Low down payment loans

  • FHA loans allow a small down payment and more flexible credit standards, in exchange for mortgage insurance.
  • VA loans for eligible veterans and service members often require no down payment.
  • Conventional loans with low down payments are available, but with less than 20% down you will usually pay private mortgage insurance (PMI).
  • USDA loans are for eligible rural areas, which generally excludes most of the Las Vegas valley.

Using a voucher to buy: the Section 8 Homeownership program

Families already receiving Housing Choice Voucher assistance may be able to use it toward mortgage payments instead of rent, if the housing authority runs a homeownership program and the family meets requirements such as minimum income, employment and first-time buyer rules. Read our Section 8 Homeownership FAQ and ask SNRHA whether the program is currently available.

How to prepare

  1. Check your credit early and fix errors.
  2. Take a HUD-approved homebuyer education course; many assistance programs require it.
  3. Get pre-approved by a lender that participates in the assistance program you want.
  4. Budget the full monthly cost, not just principal and interest: property tax, insurance, PMI and HOA dues. Our mortgage calculator helps.
  5. Compare loan estimates from at least two or three lenders.

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